Glass House Brands Inc. GLAS
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Market cap
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.55
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $182.0M | $200.9M | $160.8M | $84.9M | $63.2M | $48.3M | — |
| Cost of revenue | $105.0M | $103.5M | $79.9M | $64.2M | $47.4M | $29.5M | — |
| Gross profit | $77.0M | $97.4M | $81.0M | $20.7M | $15.8M | $18.7M | — |
| SG&A | $64.1M | $60.1M | $52.9M | $45.6M | $33.8M | $18.6M | — |
| Total operating expenses | $93.5M | $91.7M | $130.5M | $77.1M | $52.0M | $24.7M | — |
| Operating income | -$16.5M | $5.7M | -$49.5M | -$56.4M | -$36.2M | -$6.0M | — |
| Interest expense | $7.1M | $9.2M | $9.8M | $7.6M | $2.7M | $2.2M | — |
| Pre-tax income | -$17.0M | $11.2M | -$88.1M | -$37.3M | -$41.3M | -$10.2M | — |
| Income tax | $11.9M | $10.5M | $9.9M | $4.4M | $2.0M | $6.4M | — |
| Net income | -$29.7M | $519.0K | -$98.3M | -$32.9M | -$43.1M | -$16.7M | — |
| EPS, basic | -0.55 | -0.21 | -1.62 | -0.83 | -1.11 | -0.78 | — |
| EPS, diluted | -0.55 | -0.21 | -1.62 | -0.83 | -1.11 | -0.78 | — |
| Shares, diluted (wtd. avg.) | 81.9M | 75.2M | 72.0M | 64.2M | 40.3M | 21.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $23.4M | $36.9M | $32.5M | $14.1M | $54.1M | $4.5M | $2.6M |
| Receivables | $4.4M | $5.2M | $4.0M | $4.8M | $2.5M | $5.1M | — |
| Inventory | $26.2M | $14.3M | $8.8M | $11.0M | $6.5M | $6.9M | — |
| Total current assets | $67.7M | $66.1M | $49.2M | $38.9M | $68.6M | $18.5M | — |
| Property, plant and equipment | $228.8M | $212.3M | $215.7M | $216.4M | $195.8M | $27.2M | — |
| Goodwill | — | $0 | $0 | $37.8M | $4.9M | $4.8M | — |
| Other intangibles | $11.6M | $14.2M | $21.2M | $35.9M | $5.6M | $5.3M | — |
| Total assets | $318.6M | $310.5M | $303.8M | $350.6M | $287.6M | $69.5M | — |
| Accounts payable | $13.7M | $8.7M | $5.5M | $6.0M | $4.3M | $2.6M | — |
| Short-term debt | $37.0K | $7.6M | $7.5M | $40.2K | $38.0K | $601.2K | — |
| Total current liabilities | $38.0M | $66.5M | $87.4M | $54.0M | $55.2M | $19.6M | — |
| Long-term debt | $68.6M | $50.6M | $56.5M | $62.6M | $44.8M | $15.4M | — |
| Total liabilities | $144.0M | $146.4M | $158.5M | $129.5M | $105.6M | $43.3M | — |
| Retained earnings | -$220.1M | -$190.4M | -$190.9M | -$92.7M | -$59.8M | -$16.7M | — |
| Total equity | $73.9M | $116.2M | $89.8M | $168.9M | $182.1M | $26.3M | $38.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.4M | $28.4M | $23.2M | -$40.8M | -$20.3M | -$7.7M | — |
| Stock-based compensation | $13.4M | $13.1M | $7.6M | $12.8M | $8.7M | $2.5M | — |
| Capital expenditure | $27.2M | $10.3M | $12.3M | $27.8M | $108.5M | $3.9M | — |
| Investing cash flow | -$27.7M | -$10.3M | -$12.7M | -$29.2M | -$111.5M | -$7.7M | — |
| Financing cash flow | $2.7M | -$13.7M | $7.9M | $30.1M | $181.3M | $17.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001848731-26-000015.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $48.3M | $63.2M | $84.9M | $160.8M | $200.9M | $182.0M |
| Gross profit | — | $18.7M | $15.8M | $20.7M | $81.0M | $97.4M | $77.0M |
| Net income | — | -$16.7M | -$43.1M | -$32.9M | -$98.3M | $519.0K | -$29.7M |
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